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Binance Resumes Bitcoin Withdrawals Following Alleged Network Backlog

After a brief and jarring freeze of funds on Binance, users may once again withdraw their Bitcoin from the exchange.

However, users with pending withdrawals from before the pause will have to resubmit their requests.

  • In a tweet on Monday morning, Binance announced that it had temporarily suspended BTC withdrawals on the Bitcoin network. This was reportedly due to a “stuck on-chain transaction,” which the exchange needed to actively solve.
  • The event caused a stir among the crypto community, who were reeling from the crypto market’s latest collapse to December 2020 lows. Recent events surrounding the Celsius network also contributed, after it was forced to indefinitely suspend user withdrawals.
  • The freeze only impacted the Bitcoin network specifically. Bitcoin derivatives (ex. Wrapped Bitcoin) trading on other networks were still retrievable.
  • As of 11:30 am EST, Bitcoin withdrawals from the exchange were brought back online.
  • The recovery was relatively quick compared to the Dogecoin withdrawal issues that the exchange faced months ago. Due to a reported “combination of unlikely factors,” Binance had to rebuild its Doge wallet from scratch. This took a month to fix.
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The delay even invoked the ire of Dogecoin fanatic Elon Musk, who traded barbs with CEO Zhao on the issue.

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